The founder and Chairman of Vedanta Resources Limited, Anil Agarwal is seeking leastwise $5 billion for a fund earmarking companies being sold off by Government of India, as per industry professionals. This is a practised strategy, marking a return that made him wealthy.
Mr Agarwal is intending an initial close of $1 billion or more for the proposed India Direct Investment fund, as per our sources; however, the plans are kept very private. He is already exploring for targets and could spend nearly $10 billion on the first few acquisitions.
The commodity tycoon is engaged with London-based Centricus Asset Management Ltd. on the fund, which will have a 10-year life span and use a private equity-type strategy. As per the source, he plans to buy companies for over five years and then boost their profitability before seeking an exit.
Anil Agarwal has a net worth of $2.4 billion, according to the Bloomberg Billionaires Index. The former metals trader built his empire through a series of purposeful acquisitions over the past few decades, incorporating a 2001 deal to take control of government-owned Bharat Aluminium Co., which he considered one of the most challenging phases in his life.
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